I am new to Oracle Projects and needs to understand the Revenue Recognition process.

User has created one Contract under which he has Intercompany Billing, Costing and Elimination Projects. He booked the cost under the Costing project and then ran a custom elimination program to eliminate the intercompany cost. Now he is going to the billing project and running the 'Generate Draft Revenue' program however nothing is getting generated. He wants to know why revenue is not getting recoginised.

Is it the correct way of recognizing the revenue. The Distribution rule being used is Event/Event however no event has got created in the billing project to recognize the revenue.